Lahore Chamber of Commerce and Industry and Research and Advocacy for Advancement of Allied Reforms join hands for economic reforms

Lahore, April 28, 2016 (PPI-OT): The Lahore Chamber of Commerce and Industry (LCCI) and Research and Advocacy for the Advancement of Allied Reforms (RAFTAAR) Thursday inked a Memorandum of Understanding (MoU) to work jointly economic reforms. This agreement serves to outline areas of partnership for activities.

The LCCI Senior Vice President Almas Hyder inked the MoU on behalf of the Lahore Chamber of Commerce and Industry while Research and Advocacy for the Advancement of Allied Reforms (RAFTAAR) was represented by former Finance Minister Dr. Salman Shah. LCCI Vice President Nasir Saeed and Executive Committee Members were also present on the occasion.

According to the MoU, this partnership will include coordination and support in various activities related to tax reforms. The areas of partnership will be operationalised through a properly outlined action plan outlined below. The action plan outlines the proposed activities, means of verification, start date, end date, mode and frequency of engagement RAFTAAR’s Point of Contact (POC) for the activity.

Almas Hyder and Dr. Salman Shah also agreed that in order to achieve a common understanding on tax policy and administration reforms required in Pakistan, LCCI and RAFTAAR will conduct an indpeth brainstorming session. Drawing on existing research on tax reforms, RAFTAAR’s Advisory Panel of experts will discuss potential reform areas with LCCI’s leadership. LCCI’s position on reform areas will be identified and collectively conclusions will be made about the priority reforms required to address the tax crisis.

Speaking on the occasion, former Finance Minister Dr. Salman Shah said that RAFTAAR is an economic advocacy and research platform funded by the UK’s Department of International Development (DFID) and implemented by Adam Smith International. Increasing understanding of policy makers on tax and energy reforms is a key objective of the programme. This will lead to policy decision-makers who are prepared and equipped to make the case for reform within political bodies. He said that RAFTAAR is building an alliance for economic reforms amongst interested groups and individuals. This will include developing networks between currently disparate and fragmented efforts on tax and energy reform. The underlying premise is that the broader the consensus behind economic reforms, the more likely Government is to take action and enact the appropriate reform.

Almas Hyder said that complicated and lengthy taxation procedures have posed various challenges for the economy that’s why taxation system is needed to be easy and business friendly.

He said that Pakistan was the rising star in 1960s and a number of countries adopted Pakistan as role model but now situation is quite different and now those countries are far ahead which were following us just because of economic reforms.

The LCCI Vice President Nasir Saeed said that Pakistan needs to invest more to growth. He said that Pakistan’s spending on core government functions should be enhanced. He said that increasing core spending exacerbates the debt problem which further erodes future fiscal space.